Another story that I thought was really interesting and what they are saying. The reason it is very interesting is that they are saying the same thing all the other news stories are saying. Low inventory is creating more equity in owners real estate!
“One of the factors for rising home equity is low supplies. With homebuilders failing to add significantly to supplies, many sellers are waiting for bigger gains.”
The lower inventory is adding pressure to home prices and there equity positions. The prices are going up and in some areas double digits. Just think about this market there are a lot people wanting to buy a new home, but they are waiting to see if prices still go up. These type of buyers will end up paying top dollar for their property. That is why now ia the best time buy a home.
“The top reason sellers gave for selling their homes was that the homes were too small. Nearly 90 percent of sellers hired a real estate professional. Only eight percent of homes sold in 2015 were for-sale-by-owner. That is the lowest share ever recorded since the annual survey debuted in 1981.”
The other thing you need to have is a real estate professional that see’s all the new properties on the market daily. Sometimes properties sell in days and almost always by a Realtor. We have the resources that keep us updated daily of al the new properties that our clients my be interested in. Having that knowledge as a buyer helps you move quickly on properties you may want to purchase.
“When their homes were purchased made a notable difference in equity gains. Seller who purchased their homes between one to seven years ago sold their homes for $30,000 to $35000 more than they paid. But equity gains fell to $3,000 for owners who bought between eight and 10 years ago. Homes sold after 21 years showed price gains of $138,000.”
Lastly the story is also consistant with other similar stories that the equity position is growing for home owners. The longer the ownership the more equity. It shows that buying and selling real estate is a great way to create wealth. Even if your a home owner you can get your real estate today and build great equity over time. The market is trending to selling and to me as a real estate professional that is exciting.
Call Brett today to help you navigate your real estate or real estate portfolio. Understanding this real estate and how you can profit from it is all I do. Call 216-704-5740 Howard Hanna